Tages Helios Investment Fund Announces Final Closing Taking Committed Capital To Over €250 Million22 June 2017
Tages Capital SGR is pleased to announce the final closing of Tages Helios Investment Fund (“Tages Helios ” or the “Fund” ) with committed capital of €253 million . Tages Helios is a renewable energy investment fund focused exclusively on the Italian solar infrastructure sector and represents o ne of the largest fundrais ing s dedicated to the sector.
Tages Helios has attracted interest from institutional investors who were typically enticed by the value and quality of the assets already acquired. Furthermore, t he manager’s existing capability to increase target portfolio returns to an IRR in excess of 8% , has added to the appeal . The final investor base breakdown included insurance companies (75%) , pension and social security funds (10%) , banking foundations (7%), banking institutions (3%) , qualified private investors (3%) and Tages management (2%). New subscribers included Aviva, the international insurance group, as well as Equiter , an important Italian investor in real estate infrastructure assets and part of the Intesa SanPaolo Group.
Tages Helios has already inv ested approximately 60% of the overall committed capital . With a portfolio of 60 solar plants and an installed capacity of 157 Megawatts ( MW ), Tages Helios is the third largest operator in the Italian solar infrastructure sector, thus confirming the Fund’s objective to play a key role in the consolidation of the Italian solar market. The Fund now has over €100 million to invest over the coming months and an important pipeline of potential solar plant investments.
Tages Helios , together with Delos Power (a major operator in renewable energy plant asset management ), has become a key part of the Italian solar infrastructure sector . The companies have recently completed a major project to improve the efficiency of the acquired plants and leveraging the recently strengthen ed mana gement team. Umberto Quadrino, Chairman of Tages Holding , commented: “ Tages Helios has fulfilled the ambitious fundraising targets set at launch two years ag o. A solid base of diversified Italian and international investors has recogni sed a product that has excellent potential returns , limited volatility and decorrelation to traditional asset class es. Investor appetite and interest in the numerous solar infrastructure assets for sale in the market, may encourage us to evaluate replicating this strategy in a similar follow -on fund ”.